This thread is evidence as to how listening to people on ET can lose you an absurd amount of money. I posted that I wanted to buy for a longer term trade on March 3rd, we bottomed March 6th, yet everyone on ET said I was absolutely insane. Shows the trading ability of the majority here.
I'm really sorry that it turned out that way, b/c I just happened upon this call and was looking at the date, and excited for you, b/c I knew you would have made a lot of money on those. I think it's a lesson to be very careful about who you pay attention to on these boards. It's a shame we don't all have 3rd party verification, but try to be a little more independent in the future. It does tell me you're a little new to trading. You were absolutely right in that median price to book ratios were far from their histrorical values, and this was the basis for recommendations to hold around that time and lever up. But, you know what, we're still dirt cheap by that metric, but due for a pullback. Again, it's a shame to have missed such a move, but stop to think about how much DD you would have had to go through to realize those trades. Ask yourself if the point you sold out at was really your "stop loss." I'm guessing you'll realize in hindsight it wasn't that bad of a DD, especially if you would have analyzed how much upside there was to the trade. If you weren't thinking I'll risk 15-20% on this trade to make what looked like 50-60%, which are decent ratios, you might have made a better choice then.
Drukes, with "1/3 of 5%" of your capital that you said you were willing to put to work you could catch a 100% rally straight from bottom to top and it would provide you barely a + 1,5% absolute return. Good luck next time.
That's not the point, the point is 95% of this board had amazing reasons as to why we were going much lower, and all were dead wrong, like always.
i'd bet that at least 50% of this board is college kids that don't even trade but wish they did and act like they know how to, there is the explanation for why the majority here is usually wrong simply.... inexperienced, underdeveloped, immature minds... incapable of rational behavior.
So everyone's right at least once in their life. Did you follow Warren Buffet's saying "Be greedy when everybody's fearful...? Tell me, are you a seller at these levels. I need your wisdom.